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Helping You Navigate Complex Legal Issues

February 2015 Archives

Gregory A. Lang

Completed gifts from Minnesota trusts

The IRS released a ruling on Feb. 13 about an irrevocable trust for the trustor's and her issue's benefit. The way this trust was set up, all funds would divide into equal portions upon her death and become separate family trusts for each living child's benefit and deceased child's issue. If she has no living descendants, the alternative mechanism creates family trusts that follow the same guidelines for her father's descendants. In the absence of any remaining heirs, the funds go to a foundation. If the rule against perpetuities expires on one of the family trusts, the funds distribute to all of that trust's beneficiaries. If all of a family trust's beneficiaries die, the funds distribute evenly between the other family trusts, the alternative mechanism or the foundation.

Estate planning for high net worth individuals

An estate plan is an important means of protecting both your assets and your heirs as you consider strategies for distributing your holdings after your death. This is especially true if your net worth is high. Each person has unique goals based on family dynamics and specific assets, making it advisable to work with an estate planning professional who is able to provide relevant solutions in light of your needs.

Conflict between heirs over the estate of Robin Williams

Minnesota residents are likely familiar with the publicized disputes that sometimes develop between heirs after a wealthy celebrity has passed away. These legal battles are often the result of poor or nonexistent planning on the part of the deceased individual, but this kind of conflict can occur even when a comprehensive estate plan is in place.

Celebrity estate mistakes show what not to do

Minnesota residents who are in the process of preparing or updating their estate plans may be interested in the lessons that can be learned from several celebrity estate plan disasters. These cases clearly demonstrate the real problems that may be caused in the event estate plans are written hastily, without consideration for tax consequences or if they accidentally disinherit children by failing to be updated correctly.

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